leanan, I don't want subsidies, my ideas are very economic with out them But, when people talk about oil company ripoffs and punishing oil companies it puts an atmosphere that scares legitimate investors. More than anything else, I want decent honest work that pays well. But you saw that column about ExxonMobil being a Natzi company that you linked to last Thursday or Friday. Its sewer talk, sounds like an excuse for destroying the oil business.

The only thing that's different in the oil business that from most businesses is the Depletion Allowance, which is also given to mines and to timber. As a reasonable compromise I would suggest limiting the depletion to 100% of the actual costs of a well, with the excess depletion transferable from uneconomic new wells to profitable wells. Or, to get depletion you must have current new or workover investments equal to the amount taken in depletion.

Another thing that people are calling a subsidy is writing off 3D seismic. Any company that does any research and development gets to write it off. Why should oil companies be any different? If they want to take it away from all industries, fine, take away the write off. But, if you want to leave it for them, leave it for oil companies.

But, this is a little known investment secret. If some promoter talks about tax shelters before he tells you how long it is until you get your m0ney back or what kind of profits you can expect, take a hike. Make an investment if the returns are good. Expect to pay taxes. Tax shelters are rip-offs. That doesn't mean you shouldnt have them, just don't expect to ride like a tick on the stomach of society
Bob Ebersole